IGBT Market

• The growing range of applications to boost the market growth

Attributable to qualities like high voltage and flow abilities, the IGBT market request is expanding in electric vehicle inverters. Alongside this, the car area is additionally pushing forward in energy-saving mode. An IGBT market share will turn the current on and off so quickly that less voltage will be directed to the engine, assisting with making the PWM wave. This PWM wave is vital to a VFD activity since it is the variable voltage and recurrence made by the PWM wave that will permit a VFD to control the engine's speed.

Driven via fossil fuel by-product guidelines, the car market moves towards a jolt of powertrains in electric and half-and-half vehicles (EV/HEV), where conduction and exchanging misfortunes are altogether decreased, straightforwardly affecting general productivity.

Additionally, the IGBT industry is utilized in different applications, for example, Switch Mode Power Supplies (SMPS), AC and DC engine drives, Unregulated Power Supply (UPS), footing engine control and enlistment warming, inverters, used to consolidate a secluded entryway FET for the control input and a bipolar force semiconductor as a switch in a solitary gadget, and so forth.

The Global IGBT Market Industry is on a trajectory of substantial growth, with projections indicating a market value of 9.2 USD Billion in 2024 and an anticipated increase to 29.1 USD Billion by 2035. This growth is underpinned by various factors, including the rising demand for renewable energy, advancements in electric vehicles, and the expansion of consumer electronics. The compound annual growth rate (CAGR) of 11.02% from 2025 to 2035 further highlights the potential for sustained growth in the industry. These projections suggest a robust future for the Global IGBT Market Industry, driven by technological advancements and increasing applications.

The Global IGBT Market Industry is benefiting from the increasing trend of industrial automation across various sectors. As industries strive for enhanced efficiency and productivity, the integration of advanced power electronics, including IGBTs, becomes imperative. These devices facilitate precise control of motors and other equipment, thereby optimizing energy consumption. The ongoing digital transformation in manufacturing processes is likely to drive the demand for IGBTs, further solidifying their position in the market. This trend aligns with the broader growth of the Global IGBT Market Industry, which is projected to achieve a market value of 9.2 USD Billion in 2024.

The Global IGBT Market Industry is significantly influenced by the rapid advancements in electric vehicle (EV) technology. IGBTs are essential components in EV powertrains, enabling efficient energy conversion and management. With the global push towards electrification of transportation, the demand for IGBTs is expected to rise sharply. The market is projected to reach 29.1 USD Billion by 2035, reflecting a robust growth trajectory. Additionally, the anticipated compound annual growth rate (CAGR) of 11.02% from 2025 to 2035 underscores the pivotal role of IGBTs in supporting the burgeoning electric vehicle market.

The Global IGBT Market Industry is also experiencing growth due to the expansion of the consumer electronics sector. As electronic devices become more sophisticated, the need for efficient power management solutions increases. IGBTs are integral in various consumer electronics applications, including power supplies and motor drives. The rising consumer demand for high-performance electronics is likely to propel the adoption of IGBTs, contributing to the overall market growth. This trend is expected to be reflected in the market's projected value of 29.1 USD Billion by 2035, indicating a sustained interest in power electronics.

The Global IGBT Market Industry is experiencing a notable surge in demand driven by the increasing adoption of renewable energy sources. Governments worldwide are implementing policies to promote clean energy, which necessitates efficient power conversion technologies. IGBTs play a crucial role in solar inverters and wind turbine applications, facilitating the integration of renewable energy into the grid. This trend is expected to contribute significantly to the market's growth, with projections indicating a market value of 9.2 USD Billion in 2024. As the shift towards sustainable energy continues, the Global IGBT Market Industry is poised for further expansion.

The Global IGBT Market Industry is witnessing a transformation with the emergence of new applications in power grid management. IGBTs are increasingly utilized in high-voltage direct current (HVDC) systems, which are essential for efficient long-distance power transmission. The growing need for reliable and efficient power distribution networks is driving the adoption of IGBTs in grid applications. This trend is expected to contribute to the market's growth, with projections indicating a CAGR of 11.02% from 2025 to 2035. As power grids evolve to meet modern demands, the role of IGBTs in the Global IGBT Market Industry will likely become more pronounced.

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific is expected to gain top market share along with the highest CAGR during the forecast period. The highest growth is attributed to the presence of many electronic and semiconductor manufacturers in China, South Korea, and India. China is expected to gain maximum revenue share as it is the leading country in electric vehicle manufacturing. The rising application of electric vehicles is driving the market growth in the country.

Japan and India are also witnessing the increasing demand for energy-saving resources along with the advancement of technology.

Figure 3:  IGBT MARKET SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

North America is expected to gain significant growth during the forecast period. The region’s market is expected to witness vast opportunities with rising awareness and implementation of renewable resources. As it is a low power-consuming component, it is highly recommended for energy saving in North America. Similarly, Europe is expected to gain the second-most revenue share after the Asia Pacific. Europe is the first region to implement insulated gate bipolar transistor-based traction systems in the railway sector. Further, Europe is the leading region in producing electric vehicles, and the region also leads in overall automotive industries across the globe.

This is expected to drive the demand for the products in the region.

Major market players are spending a lot of money on R&D to increase their product lines, which will help the IGBT market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the IGBT industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for IGBT. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their  presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the IGBT industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the  IGBT industry to benefit customers and expand the market sector. The IGBT market has recently given medicine some of the most important advantages. Major IGBT market players, including Infineon Technologies AG (Munich, Germany), ABB Ltd (Zürich, Switzerland), Mitsubishi Electric Corporation (Tokyo, Japan), Danfoss Group (Nordborg, Denmark), and others, are attempting to increase market demand by funding R&D initiatives.

Infineon Technologies is a company that designs, develops, manufactures, and markets semiconductor solutions. It offers power modules, sensors, wireless control systems, automotive and industrial transceivers, small signal transistors and diodes, power delivery controllers, etc. The company caters to the automotive, communication, security, industrial, and other market sectors.

Also, ABB India is a company that provides power automation technologies. Its products include drives, low voltage products and systems, measurement and analytics, medium voltage products, metallurgy products, motors and generators, PLC automation, power converters and inverters robotics, control systems, electric vehicle charging infrastructure, marine vessels, operations management software, and power electronics.